Electra confirms $20M award from U.S. Department of Defense

Electra Battery Materials announced that it has been awarded $20M by the U.S. Department of Defense. “The award was made pursuant to Title III of the Defense Production Act to expand domestic production capability and is funded through the Additional Ukraine Supplemental Appropriations Act. The funds will support the construction and commissioning of North America’s only cobalt sulfate refinery, capable of producing battery grade materials for lithium-ion batteries. Today, more than 80% of battery grade cobalt is produced in China,” the company stated. “Electra is committed to strengthening the resiliency of the North American battery supply chain. We are grateful to the U.S. Department of Defense for its support. On issues of national security, there are no borders between Canada and the United States. We are proud to partner with the U.S. Government to build a strong North American supply chain for critical minerals,” said Electra CEO, Trent Mell.